Ripple (XRP) Price Drops 25% After SEC Win
- Antwan Koss
- August 5, 2023
- news, Crypto, Crypto Market
- Drop, Price, Ripple, SEC
- 0 Comments
XRP’s value dips almost 10% in a week amidst broader crypto market stagnation, despite recent positive developments in the wake of Ripple’s SEC case.
Key Points
- XRP faces an uncommon downward trend amid lackluster crypto market, dropping nearly 10% in a week to $0.66.
- Ripple’s partial SEC win positions XRP as the fifth-largest crypto, but it’s down over 25% from mid-July’s $0.92 high.
- Experts anticipate potential further decline near $0.55, as traders sell off XRP holdings.
- Recent developments like Bitstamp’s XRP lending service and major exchanges relisting XRP could potentially trigger a recovery, countering the downward trend.
In the midst of a lackluster price movement across the wider cryptocurrency market, XRP experienced an unusual downward trend. The cryptocurrency recently became the fifth-largest crypto by market cap owing to Ripple’s partial but impressive win against the US Securities and Exchange Commission (SEC).
A lot of people will be looking for the Bottom of $PLS $PLSX $HEX $INC for Buying Opportunities
Ripple Labs & $XRP, when the SEC Brought their Lawsuit on
> 22 Dec 2020 the Following Day 60% Dip…
> It then Retraced Up 83.69% on 25 Dec 2020
> Then The Lowest Low Came After on… pic.twitter.com/yMM14jFJaH— MoneyGangCrypto 👑🍀 (@MoneyGangCrypto) August 3, 2023
XRP Loses Nearly 10% of its Value in the Last Week
The latest data suggest that XRP lost nearly 10% of its value in the last week and was currently trading at $0.66. The downtrend has been gradual since hitting a yearly high above $0.92 in mid-July, down over 25% since then. Traders are dumping their XRP holdings, and experts suggest that the trend could potentially extend further downside action near $0.55.
Potential Boost for XRP’s Price from Recent Developments
While the recent ruling in SEC v. Ripple Labs has been rightfully hailed as a huge step forward for the crypto sector, there has been significant development on the blockchain firm’s expansion front that could boost XRP’s price. Crypto trading platform Bitstamp, for one, unveiled an XRP lending service offering a “permanent” 2% yield after it relisted the crypto asset for trading last month. In addition to Bitstamp, several major exchanges, such as Coinbase, Kraken, and Crypto.com, have reintroduced XRP to their platforms. The rush to make XRP available again to US users could act as a bullish catalyst to trigger a recovery.
